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The Journal of Wealth Management

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Article

Tax-Aware Investment Management Practice

Stephen M Horan and David Adler
The Journal of Wealth Management Fall 2009, 12 (2) 71-88; DOI: https://doi.org/10.3905/jwm.2009.12.2.071
Stephen M Horan
is head of Professional Education Content and Private Wealth at the CFA Institute in Charlottesville, VA. stephen.horan@cfainstitute.org
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  • For correspondence: stephen.horan@cfainstitute.org
David Adler
is a contributing writer at Financial Planning magazine in New York, NY. d.e.adler@googlemail.com
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  • For correspondence: d.e.adler@googlemail.com
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Abstract

The authors examine the tax-aware investment practices of investment managers managing taxable accounts. Their sample of mostly well-experienced CFA charter holders exhibits a high degree of tax awareness in investment practices. Specifically, those managers surveyed adjust clients’ return requirements and expected portfolio returns for taxes. They consider a security’s holding period when making a decision to sell and engage in periodic tax-loss harvesting. Moreover, they consider taxes when making investment selections, allocating assets among different taxable entities and managing multiple managers. In contrast, relatively few managers report portfolio performance on a tax-adjusted basis or present their performance relative to a tax-adjusted benchmark.

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The Journal of Wealth Management: 12 (2)
The Journal of Wealth Management
Vol. 12, Issue 2
Fall 2009
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Tax-Aware Investment Management Practice
Stephen M Horan, David Adler
The Journal of Wealth Management Jul 2009, 12 (2) 71-88; DOI: 10.3905/jwm.2009.12.2.071

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Tax-Aware Investment Management Practice
Stephen M Horan, David Adler
The Journal of Wealth Management Jul 2009, 12 (2) 71-88; DOI: 10.3905/jwm.2009.12.2.071
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  • Article
    • Abstract
    • TAX-AWARE INVESTMENT LITERATURE
    • SURVEY METHODOLOGY
    • RESULTS
    • DISCUSSION
    • CONCLUSION
    • APPENDIX
    • ENDNOTES
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  • Editor’s Letter
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  • Editor’s Letter
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